USD 300 million ADB loan to Chhattisgarh
New Delhi: Asian Development Bank would provide USD 300 million loan to the Chhattisgarh government for overhauling over 900 kilometres of roads in the state by 2017.
"... Will provide USD 300 million to overhaul more than 900 kilometres of roads in India’s Chhattisgarh state, bringing better access to markets, businesses, social services and education for rural residents," ADB said in a statement today.
The project would include works such as expanding roads for two-laning, building new sections, construction and strengthening of culverts and bridges.
"The project supports Chhattisgarh’s priority investment program to improve more than 8,800 kilometres of state roads. Once the project is completed in December 2017, ADB will have financed upgrades to nearly 2,200 kilometres of the network."
The Chhattisgarh government would also provide more than USD 128 million, for a total project investment cost of USD 428.1 million.
"More than 40 per cent of Chhattisgarh’s 21 million residents live below the poverty line. Low quality roads are undermining the benefits of the state’s rich mineral and coal deposits, holding back new economic opportunities and access to social amenities, especially for minority groups," ADB Director General for South Asia Development Juan Miranda said.